Speakers at The Edge Retirement Reimagined Forum 2023 spoke to a packed crowd about the challenges for those facing retirement, and advice for living your best life during your golden years.
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01:05 I reckon few will disagree that retirement planning has gone
01:13 beyond putting money aside by keeping it in the bank to earn interest.
01:20 We were in the low interest rate environment that lasted more than 10 years since 2009.
01:27 Fortunately, inflation then was not as bad as today.
01:32 However, according to the policy makers around the world,
01:37 interest rate will stay higher for longer moving forward.
01:43 As they mean inflation is the priority of most of the government around the world.
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01:53 >> Today, life expectancy is 20 years more than when ETF was born in 1951.
02:01 And you've looked that we have done well as a society in the world
02:06 by helping to get people's living conditions to be better,
02:11 so that they can live to a longer part of their life.
02:15 The key question actually goes back to the question that we asked earlier today,
02:20 which is, do you have enough?
02:22 Dependency on ETF is very high, yeah?
02:24 And there are no other sources of funds available.
02:27 And fundamentally, also Malaysians love that.
02:31 We are highly geared as a society.
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02:36 So why savings for retirement is low?
02:40 Our proposition is in the country today,
02:44 low wage structure is probably the biggest issue that exists.
02:49 Today, from the data that we actually have,
02:52 41% of my membership today who are active,
02:55 actually earn less than 2,000 ringgit a month.
02:59 This is inadequate for anybody to be able to grow it to a certain level.
03:06 So the problem is not the contribution rate itself.
03:10 The problem is the base wage level that exists in Malaysia.
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03:17 In my 21 years of experience in this field,
03:20 I want to share the common issues Malaysian face today
03:26 that highlight the needs for estate planning.
03:30 We all know two things for sure in life, right?
03:34 Death and of course taxes.
03:37 We can avoid them, so we need to prepare for them.
03:42 I want to talk about something that a lot of financial advisors don't talk about.
03:48 I don't think so they will like me now, yeah?
03:50 Estate planning is a crucial part of your retirement strategy.
03:55 Unlike visible returns or wealth accumulation,
04:00 you could see the fruitation now, but the impact of estate planning isn't immediately apparent.
04:09 While having enough funds in your retirement is vital,
04:15 I stress that estate planning is equally significant in shaping your retirement.
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04:26 When we look into the preparation, we must be mentally prepared to switch to a new chapter of life.
04:33 So if we come into a new chapter of life unprepared, then we have a lot of issues and challenges.
04:39 But if you're prepared, then I'm not talking about financial only,
04:44 but acceptance, you know, retirement can be a blessing.
04:49 Don't cling to the mindset and sense of superiority from your past job.
04:55 For example, DG of Health and etc.
04:58 [LAUGHTER]
05:00 It's only a job, it's not a lifetime that you're going to hold on to the job.
05:05 So let go of your ego, that's the most important.
05:09 Massage your ego, accept the retirement and move on.
05:14 You might lose your sense of ease if you cannot let go.
05:18 I think this is a preparation.
05:20 Anyone who wants to retire, make sure you are prepared mentally.
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